Globalisation Business Essay

Globalization And The Business World Essay

Who could have imagined that a person in Lebanon would be able to watch a soccer game played in Europe, live, with perfect image and sound? Our world, as we know it today, has become like a small village where physical, cultural, and economical barriers have become more or less inexistent. This is due to a phenomenon called Globalization. Globalization is defined as "the result of advances in communication, transportation, and information technologies. It describes the growing economic, political, technological, and cultural linkages that connect individuals, communities, businesses, and governments around the world" (MSN Encarta). This phenomenon is not a new one; however, since its existence Globalization has had influence on many major aspects of our life, especially the business world. This impact that globalization has on our business world is displayed through the increase of world trade, ease of new communication methods, and setting high standards on goods and services all around the world.

To begin with, one must mention the fact that Globalization has lead to an obvious increase of world trade. The world has seen a tremendous increase in the global transactions and foreign trade in recent years. "Growth in exports worldwide outpaced growth in output every year between 1965 and 2000 by an average ratio of 1.5 to 1" (Temple, 2001). The main reason behind this is that now more and more countries are getting engaged in trading with each other in order to increase their profit or sales or protecting them from being eroded by competition. The main objectives which are influencing the companies to engage in international business are expansion of sales, acquiring resources, minimizing competitive risk and diversification of sources of sales and supplies (Johnson & Turner, 2003).. According to Byers "In more recent years, those countries which have been able to reduce levels of poverty by increasing economic growth - like China, Vietnam, India and Mozambique - have all had high levels of intervention as part of an overall policy of strengthening domestic sectors"(Byers,2003). Many countries are trying to open up to the global economy, developing and developed ones. Developing countries are seeking better standards of living via ensuring jobs and exporting imports all over the world. In his article "This Global Show Must Go On", Cowen mentions the fact that "More than 400 million Chinese climbed out of poverty between 1990 and 2004, according to the World Bank. India has become a rapidly growing economy, the middle class in Brazil and Mexico is flourishing, and recent successes of Ghana and Tanzania show that parts of Africa may be turning the corner as well"(Cowen,2008). On the other hand, developed countries benefit of the cheap labor and the low-priced goods imported from these...

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Globalization and Its Impact on International Business Essay

What is Globalization....................................................4

The engines for Globalizations…………………..……5

Globalization’s impacts on international business…..7

The road ahead for international business……..……9

Summary…………………………………….………..11

Reference………………………………..……………12

Introduction

Every day we hear it on the news, read it in the papers, overhear people talking about it… and in every single instance the word globalization seems to have a different meaning. So, what is globalization? What are its main drivers? Why and how does globalization impact international business? What’s the future of…show more content…

This is linked to technological changes, innovation and invention in many different markets. If the MES is rising this means that the domestic market may be regarded as too small to satisfy the selling needs of these industries. Overseas sales become essential.

Globalization’s impacts on international business

The trend towards globalization and internationalization, together with the nature of competition, means that an increasing number of firms need to deal with business issues in an international context. Why does this trend toward a global economy mean for managers with an international business? Let’s exam the global business environment and see how globalization environments impacts on international business. Generally, the global